Cryptocurrencies correlations

Knowledge of the correlation coefficient between assets gives a wide spectrum of advantages.
Modern portfolio theory allows you to create and optimise a portfolio with uncorrelated assets.
Negative correlation provides a possibility to hedge positions.

How to identify digital asset correlations

Correlation chart

The tool can help to understand the correlation coefficient changes in time.
Choosing the assets and the time frame you are interested in, brings the chart with the token rates and the correlation changes.

Correlation matrix

The tool helps to preselect crypto assets for the cryptocurrencies portfolio.
Select the assets you want to be compared with to see the correlation strengths between all of them.

Correlations with a coin or token

There is also the way to find the relation in returns from the particular crypto asset.

Or choose the asset from the list:

Stocks, precious metals and cryptocurrencies

Basing on past returns, crypto assets have not revealed any signs of correlation with stock indexes and metals in the long run.
The matrix of correlations between different asset classes confirms the thesis.

BTC ETH XRP GLD SLV ^DJI ^GSPC ^IXIC DX-Y.NYB
BTC 1.00 0.49 0.20 0.02 0.01 0.06 0.06 0.06 -0.01
ETH 0.49 1.00 0.24 0.08 0.08 0.11 0.11 0.12 0.00
XRP 0.20 0.24 1.00 0.05 0.05 0.08 0.08 0.07 -0.04
GLD 0.02 0.08 0.05 1.00 0.80 0.02 0.04 0.03 -0.41
SLV 0.01 0.08 0.05 0.80 1.00 0.19 0.21 0.20 -0.42
^DJI 0.06 0.11 0.08 0.02 0.19 1.00 0.97 0.78 0.01
^GSPC 0.06 0.11 0.08 0.04 0.21 0.97 1.00 0.85 -0.02
^IXIC 0.06 0.12 0.07 0.03 0.20 0.78 0.85 1.00 -0.00
DX-Y.NYB -0.01 0.00 -0.04 -0.41 -0.42 0.01 -0.02 -0.00 1.00

However the relation has changed since 12/03/2020 crash.
It is visible when looking at the chart comparing BTC and S&P 500 Index from the Black Thursday.



High market capitalisation cryptocurrencies correlations

BTC ETH XRP BCH LTC LINK ADA BNB XLM BSV EOS XMR TRX XTZ OKB
BTC 1.00 0.49 0.20 0.55 0.27 0.42 0.71 0.41 0.42 0.46 0.52 0.68 0.47 0.34 0.56
ETH 0.49 1.00 0.24 0.63 0.46 0.51 0.78 0.42 0.42 0.48 0.59 0.73 0.49 0.36 0.60
XRP 0.20 0.24 1.00 0.46 0.27 0.39 0.74 0.35 0.56 0.42 0.47 0.57 0.46 0.28 0.49
BCH 0.55 0.63 0.46 1.00 0.58 0.36 0.69 0.35 0.40 0.55 0.56 0.57 0.38 0.24 0.51
LTC 0.27 0.46 0.27 0.58 1.00 0.39 0.73 0.41 0.43 0.49 0.53 0.66 0.44 0.32 0.57
LINK 0.42 0.51 0.39 0.36 0.39 1.00 0.51 0.32 0.40 0.28 0.43 0.44 0.35 0.29 0.38
ADA 0.71 0.78 0.74 0.69 0.73 0.51 1.00 0.41 0.75 0.40 0.72 0.71 0.59 0.44 0.52
BNB 0.41 0.42 0.35 0.35 0.41 0.32 0.41 1.00 0.36 0.24 0.41 0.40 0.35 0.30 0.38
XLM 0.42 0.42 0.56 0.40 0.43 0.40 0.75 0.36 1.00 0.37 0.43 0.57 0.41 0.31 0.45
BSV 0.46 0.48 0.42 0.55 0.49 0.28 0.40 0.24 0.37 1.00 0.51 0.40 0.39 0.28 0.32
EOS 0.52 0.59 0.47 0.56 0.53 0.43 0.72 0.41 0.43 0.51 1.00 0.49 0.47 0.26 0.55
XMR 0.68 0.73 0.57 0.57 0.66 0.44 0.71 0.40 0.57 0.40 0.49 1.00 0.43 0.32 0.56
TRX 0.47 0.49 0.46 0.38 0.44 0.35 0.59 0.35 0.41 0.39 0.47 0.43 1.00 0.28 0.52
XTZ 0.34 0.36 0.28 0.24 0.32 0.29 0.44 0.30 0.31 0.28 0.26 0.32 0.28 1.00 0.33
OKB 0.56 0.60 0.49 0.51 0.57 0.38 0.52 0.38 0.45 0.32 0.55 0.56 0.52 0.33 1.00

negatively correlated and uncorrelated altcoins (measured in BTC)

token1 token2 correlation days
LTC XAUT -0.26 159
DASH XAUT -0.24 159
BCH XAUT -0.21 159
XAUT ZEC -0.21 159
BSV XAUT -0.17 159
PAXG SNT -0.17 399
BCH PAXG -0.16 399
QTUM XAUT -0.16 159
BEAM PAXG -0.15 399
BTM XAUT -0.14 159
MKR PAXG -0.14 399
PAXG QTUM -0.14 399
ETH PAXG -0.14 399
ADA PAXG -0.12 399
KNC NEO -0.11 1547

The strongest crypto assets correlations (measured in BTC)

token1 token2 correlation days
PAXG XAUT 0.73 159
HT OKB 0.63 936
NEO ONT 0.56 992
ADA SNT 0.55 1158
BTM ONT 0.52 992
XMR ZEC 0.50 1257
IOST ONT 0.50 992
COMP ENJ 0.47 162
DASH XMR 0.47 1257
BAT COMP 0.47 162
COMP MKR 0.47 162
COMP XTZ 0.46 162
ADA XLM 0.46 1158
IOST ZIL 0.46 1037
ADA XRP 0.46 1158